Is this a gold price bottom or is the price of gold moving towards $1000 in line with our gold price forecast 2017?

It is getting interesting in the gold market. Readers are asking us whether we believe gold has bottomed, because it retraced some 15 pct. from its August top. While that could be true, it is no guarantee for any future price movement.

Although we have forecasted a bearish 2017, it is important to continue on monitoring the trend of the market, and not stick to a forecast made in the past. More specifically, we look at three indicators for a confirmation or invalidation of our bearish gold price forecast.

Gold price chart and pattern does not show signs of a bottom

First, the gold price chart structure suggest more selling will follow soon. At this point, the price of gold is nowhere near any support area. On the contrary, the gold price has entered its bearish trend channel. This suggests more selling towards (or even below) $1000.

(Click on image to enlarge)